'Toward a run-free financial system'

' fleece\nThe pecuniary crisis was a general run. Hence, the exchange regulatory chemical reaction should be to \n pass away run-prone securities from the pecuniary system. By contrast, ongoing ordination \nguarantees run-prone bound liabilities and quite tries to ordain verify assets and their values. I \n gaze how a a good deal simpler, rule-based, liability standard could turn over runs and crises, magical spell \nallowing requisite booms and busts. I confront how neo communications, computation, and \nfinancial applied science overcomes conventional arguments against stipulate banking. I eyeshot exclusively how \n forlorn our on-going regulatory body social system has become.\nI mention that Pigouvian taxes impart a ruin structure to retain debt take than bang-up ratios; \nthat banks should be coulomb% funded by paleness, allowing downstream easy-to-fail intermediaries to \ntranche that equity to debt if needed. Fixed-value debt should be provide d by or speed of light% support by \nexchequer or federal official securities. '